Canada Post Prepaid Reloadable Prepaid Cards – Are They Worth It?

Did you know Canada Post has its own prepaid reloadable Visa and Mastercard? You can pop into your local Canada Post and purchase a prepaid card that you can easily reload in store or online. Your options:

• Canada Post Prepaid Reloadable Visa card
• Cash Passport Prepaid Mastercard

As far as prepaid cards go, these are pretty generic options. There are fees to consider and you don’t earn rewards, but using a prepaid card can make it easy to track your spending or stick to a budget.

This article covers everything you need to know about the Canada Post Prepaid Reloadable Visa and Cash Passport Prepaid Mastercard. If you’re considering a prepaid card, you may get more out of a secured credit card, so we’ll also compare these prepaid cards to your best secured credit card options.

Canada Post Prepaid Reloadable Cards at a glance

The Canada Post Prepaid Reloadable Visa and Mastercard are like any other prepaid card. You purchase a card, load funds onto it, spend the money, and reload funds. Simple.

Plus, these cards include zero liability for purchases, which protects you from unauthorized payments. And, as an added bonus, the Mastercard allows you to carry multiple currencies on one card.

Both of these prepaid cards are only available online or at your local Canada Post.

If you think a Canada Post prepaid card might be a good fit, check out the card basics of each option.

About the Canada Post prepaid cards

Overall, the Canada Post Prepaid Reloadable Visa card and Cash Passport Prepaid Mastercard operate similarly. Since merchants throughout Canada accept both networks, either card is easy to load and use.

How the Canada Post prepaid cards work

Purchase a prepaid card and decide how much money you want to transfer from your bank account to the prepaid card.

You can monitor your account balance online or on the Canada Post Prepaid card app (available in Google Play or the App Store). As you make purchases, money is deducted from the card. When you’re low on funds, simply transfer more money to the card.

Canada Post prepaid card fees

A prepaid card sounds like a great way to save money and track your spending, but don’t forget that prepaid cards often charge lots of little fees. Here’s what you’ll pay for using the Canada Post Visa and Mastercard

These cards are relatively similar in terms of fees. One difference worth highlighting is that the Visa always charges a monthly fee, and the Mastercard only charges a monthly fee if your card is inactive. So while the Visa is cheaper to set up, it can cost you more in the long term.

How to get a Canada Post Reloadable Visa or Mastercard

You can buy a reloadable Visa or Mastercard from any Canada Post location or purchase one on their website.

You’ll have to create an account and provide contact information. Once you’ve set up the online account, pay for the card with an Interac e-Transfer, and wait for it to arrive in the mail. Then, you can load funds.

How to add money to your Canada Post prepaid card

Once you’ve got your handy Canada Post card and used it for a while, you might be ready to add funds. There are two ways to do this:

• In-person: Take your card back to a Canada Post and tell them you’d like to add funds. You’ll pay a $3 fee plus the amount you want to put on the card. Then, you’re good to go.
• Online: Sign in to your online Canada Post account and simply transfer funds from your bank account to the prepaid card. It will take 1 to 3 days for the money to transfer.

Pros and cons of the Canada Post prepaid card

Before you head to your local Canada Post, consider whether a prepaid card is your best payment option.

Pros:

• No credit check required
• No credit score or bank account required
• Monitor your card’s balance and make transfers online
• Use the highly-rated mobile app to manage your card
• Can help you stay on budget by not overspending
• Doesn’t charge interest

Cons:

• Doesn’t build your credit score
• Doesn’t earn interest on your balance
• Doesn’t earn rewards on your spend
• The Visa costs $10 to purchase, and the Mastercard costs $15
• Monthly $3 fee for the Visa and $3 fee to load funds
• Monthly $2.80 inactivity fee for the Mastercard and $3 fee to load funds

Canada Post Prepaid Reloadable Visa and Mastercard alternatives

If the idea of paying multiple fees to use a card has you hesitating, consider your other options. These are secured credit cards, so you’ll need to deposit funds into your account to use the card. However, they avoid the fees that typically come with prepaid cards.

FAQ

Does Canada Post have prepaid credit cards?

Yes, Canada Post has two prepaid card options: the Canada Post Prepaid Reloadable Visa Card and Cash Passport Prepaid Mastercard. Both are prepaid card types available at Canada Post locations and online.

What is the maximum credit limit on a post office credit card?

Remember, since it’s a prepaid card, you don’t have a credit limit as with a traditional credit card. However, you can only have a maximum of $10,000 on the Visa or $8,500 on the Mastercard at any time.

Is the Canada Post Reloadable Visa being discontinued?

The previous reloadable Visa card offered by Vancity was no longer issued after 2021, but Canada Post offers an updated reloadable Visa available online or at local post offices. If you have an older card, you can continue to use it.

What is the best reloadable prepaid card in Canada?

Our favourite is the Wealthsimple Cash Card, our top pick on the Best Prepaid Credit Card list for 2 years in a row. Earn interest on your balance, avoid foreign exchange fees, and get 1% back on all purchases.